Woodside Petroleum has shelved plans for the Browse LNG Project off Australia due to the global economic downturn.
Following completion of front-end engineering and design (FEED) work, Woodside said the Browse Joint Venture participants had decided not to progress with the development at this time considering the current economic and market environment.
The Australian energy company said that while significant progress was made to improve project value, this had been offset by “an extremely challenging external environment.”
